Archived Articles
07 Dec 2021
Bitcoin falls sharply amid weekend liquidation frenzy
On Saturday, high selling pressure in the spot market combined with low weekend liquidity made the price drop below a point where many futures positions would be liquidated. The first liquidations triggered a classic liquidation cascade, rapidly pushing the bitcoin price to around $42,000. The price has since recovered some of its losses, currently trading at $51,000.
ETH and BNB recovered from the market crash faster than bitcoin. ETH ends the past seven days where it started, while BNB is down 4%.
On Saturday, high selling pressure in the spot market combined with low weekend liquidity made the price drop below a point where many futures positions would be liquidated. The first liquidations triggered a classic liquidation cascade, rapidly pushing the bitcoin price to around $42,000. The price has since recovered some of its losses, currently trading at $51,000.
ETH and BNB recovered from the market crash faster than bitcoin. ETH ends the past seven days where it started, while BNB is down 4%.
Once again, bitcoin’s correlation with the S&P 500 increases in a risk-off period, indicating that bitcoin might not (yet) be the safe-haven asset its proponents want it to be.
Terra is the best performer of the top 50 coins by market capitalization with a 34% gain over the past seven days - a solid performance considering bitcoin’s 10% fall over the week.